{"id":6831,"date":"2012-10-16T09:59:17","date_gmt":"2012-10-16T13:59:17","guid":{"rendered":"https:\/\/old.visionpayroll.com\/kb\/?p=6831"},"modified":"2012-10-16T10:20:29","modified_gmt":"2012-10-16T14:20:29","slug":"social-security-administration-announces-2013-increases","status":"publish","type":"post","link":"https:\/\/old.visionpayroll.com\/kb\/2012\/10\/social-security-administration-announces-2013-increases\/","title":{"rendered":"Social Security Administration Announces 2013 Increases"},"content":{"rendered":"
\r\n\t\"Commissioner<\/a>\r\n\t
Commissioner of Social Security, Michael J. Astrue<\/div>\r\n<\/div>The Social Security Administration<\/a> announced today<\/a> that the Maximum Taxable Earnings or Social Security Wage Base would increase from $110,100 in 2012 to $113,700 in 2013.<\/p>\n

Social Security Increases Based on CPI Change<\/strong><\/p>\n

Since there was a 1.7% increase in the Consumer Price Index (CPI-W) from the third quarter of 2011 to the third quarter of 2012, the Social Security Wage Base will also increase by 1.7%. This compares to a 3.6% increase in 2012. Wages are scheduled to be taxed at 6.2%, so the maximum tax to be paid by each employee at that rate would be $7,049.40. There is a proposal to keep the current rate of 4.2% for employees, but it has not passed at this time. About 6% of workers who pay Social Security Tax are expected to reach the maximum in 2003.<\/p>\n

Retirement Earnings Test Exempt Amounts Increase for 2013<\/strong><\/p>\n

For workers under full retirement age who are receiving Social Security benefits, $1 in benefits is withheld for every $2 above the Retirement Earnings Test Exempt Amount of $14,640 per year or $1,220 per month in 2012. This will increase to $15,120 per year or $1,260 per month for 2013. The year an individual reaches full retirement age, $1 in benefits is withheld for every $3 above the Retirement Earnings Test Exempt Amount of $38,880 per year or $3,240 per month in 2012. This will increase to $40,080 per year or $3,340 per month for 2013. The month an individual reaches full retirement age there is no limit on earnings.<\/p>\n

Quarter of Coverage Amounts Increases to $1,160<\/strong><\/p>\n

Also increasing for 2013 is that amount needed to earn a Social Security credit, formerly known as a quarter of coverage. In 2012, a credit is earned for every $1,130 of earnings, up to a maximum of four credits. That amount will increase to $1,160 for 2013.<\/p>\n

Social Security Monthly Benefits to Increase in January 2013<\/strong><\/p>\n

The maximum benefit for a worker retiring at full retirement age is also increasing from $2,513 to $2,533. See the table below for other changes in Social Security benefits for 2012.<\/p>\n

2013 Social Security Benefits<\/h2>\n\n\n\n\t\n\t\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t
<\/th>2012<\/th>2013<\/th>\n\t<\/tr>\n<\/thead>\n
<\/td><\/td><\/td>\n\t<\/tr>\n\t
Maximum Benefit:<\/td><\/td><\/td>\n\t<\/tr>\n\t
Worker Retiring at Full Retirement Age<\/td>$2,513 per month<\/td>$2,533 per month<\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
SSI Federal Payment Standard:<\/td><\/td><\/td>\n\t<\/tr>\n\t
Individual<\/td>$698 per month<\/td>$710 per month<\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
Couple<\/td>$1,048 per month<\/td>$1,066 per month<\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
SSI Resources Limit:<\/td><\/td><\/td>\n\t<\/tr>\n\t
Individual<\/td>$2,000<\/td>$2,000<\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
Couple<\/td>$3,000<\/td>$3,000<\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
SSI Student Exclusion:<\/td><\/td><\/td>\n\t<\/tr>\n\t
Monthly Limit<\/td>$1,700<\/td>$1,730<\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
Annual Limit<\/td>$6,840<\/td>$6,960<\/td>\n\t<\/tr>\n<\/tbody>\n<\/table>\n\n

Contact Vision Payroll Today<\/strong><\/p>\n

Contact Vision Payroll<\/a> if you have any questions on the Social Security changes for 2013 or get further information at Important Facts and Figures<\/span><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Commissioner of Social Security, Michael J. Astrue The Social Security Administration announced today that the Maximum Taxable Earnings or Social Security Wage Base would increase from $110,100 in 2012 to $113,700 in 2013. Social Security Increases Based on CPI Change Since there was a 1.7% increase in the Consumer Price Index (CPI-W) from the third […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[1733,1200,120,263,242],"_links":{"self":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/6831"}],"collection":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/comments?post=6831"}],"version-history":[{"count":4,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/6831\/revisions"}],"predecessor-version":[{"id":6833,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/6831\/revisions\/6833"}],"wp:attachment":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/media?parent=6831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/categories?post=6831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/tags?post=6831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}